Overflowing Philippine Banks

The Philippines may not be as big as any country in the world but it has an overflowing Philippine banks.

The country has an extensive banking system encompassing a wide range of bank types. Nowadays, the Philippines holds the record of having 17 universal banks, 23 commercial banks, 84 thrift banks, 711 rural banks, more than 40 credit unions and about 12 non-banks with similar banking functions. All these are accredited and approved by the Bangko Sentral ng Pilipinas.

Extensive Philippine Banks

Philippine banks are divided and categorized into several types of banks. The country has commercial and universal banks and these include the Asia United Bank, Bank of Commerce, BDO Private Bank, East West Bank, Export and Industry Bank, Philippine Bank of Communications, Philippine Veterans Bank, and Philtrust Bank. These are all the commercial banks found in the Philippines.

Foreign banks that have commercial banking functions include the Australia and New Zealand Banking Group (ANZ), Bangkok Bank, Bank of America, Bank of China, Bank of Tokyo-Mitsubishi, Citibank, Deutsche Bank, GE Money Bank, Industrial and Commercial Bank of China, JPMorgan Chase & Co., Korea Exchange Bank, Mizuho Corporate Bank and Standard Chartered Bank.

Thrift banks found in the country include the Philippine Postal Savings Bank which is a government-owned bank, and for the privately owned banks, the country has the Accord Savings Bank, Allied Savings Bank, Anchor Savings Bank, Area Development Bank, Asiatrust Bank, Banco Filipino, Bank of Calape, Bank of Cebu, Bankwise, Bataan Development Bank, Bataan Savings and Loan Bank, BPI Direct Savings Bank and BPI Family Savings Bank (both are subsidiaries of Bank of the Philippine Islands), Business and Consumers Bank, Centennial Savings Bank, Century Banks, Iloilo City Development Bank, ISLA Bank, Kauswagan Bank and LBC Bank. These are just some of the innumerable thrift banks found in the Philippines.

The cooperative banks in the country have almost the same numbers as the thrift banks. Some of them are the Agusan del Norte Cooperative Bank, Bataan Cooperative Bank, Camiguin Cooperative Bank, Capiz Settlers Cooperative Bank, Cooperative Bank of Aurora, Southern Leyte Cooperative Bank, Sorsogon Provincial Cooperative Bank, Occidental Mindoro Cooperative Bank, Ilocos Sur Cooperative Bank, First Isabela Cooperative Bank, Countryside Cooperative Bank of Batangas, Cooperative Banks of Zamboanga del Sur, Zamboanga del Norte, Zambales, Tarlac, Cagayan, Camarines Norte, Camarines Sur, Cavite, Cebu, Davao del Sur, La Union, Iloilo, Mountain Province and a lot more.

Philippine Bank Roles

Commercial banks have the ability to receive and evaluate drafts and issue credit letters, deduct and discuss promissory notes, drafts, bills of exchange and other proofs of debt. It also has the ability and capacity to make and take demand deposits, accept other types of deposits and collaterals. Commercial banks also have the right to buy and sell foreign exchange and gold or silver ingots and gain salable bonds and other liability securities. They also have the ability to extend credits.

Universal banks on the other hand have similar powers or capabilities as that of the commercial bank. And in addition to that powers, universal banks have the powers of an investment house as rendered in existing laws and to commit in non-allied enterprises.

A thrift bank functions to accept or receive savings and time deposits. It may also act as an analogous with other financial establishments and as a collection representative of the government for its entities, mortgages issuance. As a collection agent of the government, thrift banks engage in real estate transactions and may extend credits as well. Thrift banks may also keep checking accounts.

Cooperative and rural banks on the other hand, are the types of banks famous in rural areas. They promote and amplify the economy in rural areas in an effective way by rendering the locals in the rural areas with the essential financial services.

Philippine banks perform different types of functions. Regardless of which, Philippine banks are definitely overflowing to render banking services and to serve the Filipino people with a noble purpose.